The Project Finance team at Rabobank Wholesale Banking North America played a vital role in the closing of a $129 million Construction to Back-Leverage Term Loan with Daroga Power involving 33 MW of solid oxide fuel cells (SOFC).
The loan portfolio deal with Daroga includes 56 systems and allows Bloom Energy to provide the SOFC to various corporations and medical centers in California, Connecticut, Maryland, Massachusetts, New Jersey, and New York.

“Fuel cells can convert hydrogen or natural gas into energy and are valuable for baseload or backup energy generation for places where reliability is critical, such as medical centers, cold storage warehouses and data centers,” said Josh Dale, a Managing Director on the Project Finance team. “We believe SOFCs can play a pivotal role in the hydrogen value chain and are vital for many companies and producers in the food and agricultural industry.”

“Potential uses for fuel cells include dairies that provide renewable natural gas as an input to fuel cell facilities, further reducing greenhouse gases”, added Paul de Waard, a Vice President on Rabo’s Project Finance team who helped lead the transaction. Many companies are considering SOFCs because they are also a significantly cleaner alternative to diesel generators.

Rabobank served as Joint Lead Arranger and Lender for the transaction with Daroga Power, a New York-based clean energy infrastructure firm focused on developing innovative and socially responsible energy projects throughout North America. “Rabobank has made a commitment to sustainable finance. We’re proud to have created this opportunity for the bank to take an important step and invest in this large-scale, cleaner energy fund that enables leading companies to reduce their environmental footprint, lower their costs and have more reliable energy source,” said Ory Moussaieff, Co-founder, Daroga Power.

The remainder of the lender group included Silicon Valley Bank (Left Lead) and ING Capital. Bank of America served as tax equity investor on the deal, which closed June 25, 2021.


About Rabobank

Rabobank Group is a global financial services leader providing wholesale and retail banking, leasing, and real estate services in more than 38 countries worldwide. Founded over a century ago, Rabobank today is one of the world’s largest banks with over $765 billion in assets. In the Americas, Rabobank is a premier bank to the food and agriculture industry, as well as a leading project financier of solar, wind, bioenergy, and energy infrastructure projects, providing in-depth knowledge and expertise as well as full arranging, underwriting and syndication capabilities. Rabobank has financed more than 6GW of renewable energy projects to date and is dedicated to supporting the financing of the energy transition and new clean technologies. Additional information is available on our website or on our social media platforms, including Twitter and LinkedIn.

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Rabobank Contact:

Catharine Rossano

(212) 808-2576